How do several co-owners of a real property go their separate ways?
If you own your property with several other co-owners, whether you split ownership as tenants in common or based on time (one has a life estate, the other a future interest), there may come a time when you want to untangle your ownership interests. Under ORS 105, the court can order a partition of the property either by ordering a sale and dividing the proceeds, by splitting the actual property in according to ownership percentages/interests (if this is possible), or by allowing one of the owners to buy out the other owners by paying the fair market value of the co-owner’s share.
If one tenant is concerned that the tenant in possession is harming or damaging the property, thereby reducing the value to him or her, a common law action for Waste can be brought.
If you are considering acquiring property with another individual, it is advisable to agree on rights and responsibilities to the property by entering into a Tenants In Common Agreement.
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Contact me today at (503) 274-9001 or CFlink anytime to discuss your rights as a co-tenant, whether it is to bring a a suit for partition, for waste, or to enter into a tenants-in-common agreement.